Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.030%

Price spread now: Lighter against BloFin−0.075%120s7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$150.147% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.230%−$23 on $10k

Price spread, last 3 days (all we have)+0.152%+$15 · spread now −0.075%, 7d avg +0.030%

Together, before fees−0.078%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Lighter is 0.105% cheaper against BloFin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.030%). Swap the legs. The two prices were read 120 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,752.8	0.0180	pay 0.0180% / 8h	6h 46m	$285.0M	$179.1M	150x
Short	Lighter ETH	2,750.8	0.0096	get 0.0012% / 1h	46m 56s	$113.2M	$439.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BloFinbpFee LighterbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$17.63
Price spread: −0.075% → +0.030%: −$10.45
Slippage, 4 orders: −$2.71
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$42.8
Costs to cover: 0.147%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; Lighter: live order book, 7 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BloFin live order book, 7 min ago	0.56 bp	6.6 bp −$7	6.8 bp −$68	7.0 bp −$698	8.3 bp −$4,157
Sell Lighter live order book, 7 min ago	0.58 bp	0.9 bp −$1	1.7 bp −$17	2.6 bp −$264	5.8 bp −$2,880

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETH	−0.0447%	43m	2,751.3	−0.057%	$315K	$6.2M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0175%	1h	2,753.4	+0.022%	$8.8M	$31.6M	100x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,751.7	−0.041%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,751.9	−0.035%	$5.5M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,751.1	−0.062%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,756.3	+0.126%	$865K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,750.6	−0.082%	$10.9M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751.3	−0.056%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,751.9	−0.034%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0028%	8h	2,751.4	−0.052%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0036%	8h	2,751.3	−0.057%	$1.68B	$11.11B	100x	as long as short
Aster ETHUSDT	+0.0055%	8h	2,751.6	−0.046%	$255.9M	$857.0M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,747.4	−0.196%	$4.9M	$168K	20x	as long as short
HTX ETH-USDT	+0.0058%	8h	2,749.7	−0.114%	$1.07B	$1.22B	200x	as long as short
MEXC ETH_USDT	+0.0063%	8h	2,751.5	−0.048%	$1.58B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0065%	8h	2,751.7	−0.042%	$6.36B	$16.32B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0066%	1h	2,751.7	−0.041%	$258.8M	$201.9M	50x	as long as short
Gate ETH_USDT	+0.0067%	8h	2,751.7	−0.041%	$3.33B	$8.75B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,751.3	−0.056%	$384.2M	$606.6M	100x	as long as short
Bitget ETHUSDT	+0.0084%	8h	2,751.3	−0.056%	$2.07B	$2.86B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,751.3	−0.056%	$59.6M	$4.40B	50x	as long as short
Lighter ETHshort	+0.0096%	1h	2,750.8	−0.075%	$113.2M	$439.4M	50x
Lighter RH ETH	+0.0096%	1h	2,752.1	−0.027%	$25.0M	$106.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,752.1	−0.027%	—	$35.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,751.6	−0.044%	$30K	$21K	20x	as long as short
Variational Omni ETH	+0.0097%	8h	2,750.3	−0.092%	$133.4M	$346.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,754.1	+0.047%	$15.9M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,751	−0.067%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,751.1	−0.065%	$14.0M	$113.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,752.7	−0.005%	$3.13B	$2.14B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,751.3	−0.054%	$31.6M	$333.7M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,751.6	−0.044%	$2.47B	$4.36B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,750.2	−0.096%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,752.2	−0.025%	$2.8M	$16.8M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.4	−0.053%	$167.5M	$300.9M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,749.9	−0.107%	$15.0M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,752.9	+0.003%	$184.4M	$735.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,753.1	+0.009%	$160.1M	$82.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,753.9	+0.039%	$21.3M	$66.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,752.1	−0.026%	—	$871K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.8	−0.074%	$10.4M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,750.9	−0.072%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,751.9	−0.035%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,751.8	−0.037%	$42.0M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,750.3	−0.092%	$964K	$12.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.2	−0.096%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,750.2	−0.094%	$267.6M	$66.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,749.7	−0.115%	$30.8M	$74.6M	50x	as long as short
Kalshi KXETHPERP	+0.0134%	8h	2,751.3	−0.056%	$7.7M	$672.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0161%	8h	2,752.9	+0.004%	$32.4M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0176%	1h	2,754.3	+0.054%	$250K	$1.5M	20x	as long as short
BloFin ETH-USDTlong	+0.0180%	8h	2,752.8	long leg	$285.0M	$179.1M	150x
Injective ETH/USDC PERP	+0.0209%	1h	2,750.5	−0.085%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0217%	1h	2,750.5	−0.084%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.3	−0.056%	$93.2M	$315.9M	100x	as long as short